Solution-What is the adjusted balance of the Cost of Goods

What is the adjusted balance of the Cost of Goods Sold

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Reference no: EM132851112

Question 1 - The following information relates to Salamat Corporation for the last year. Salamat uses direct labor hours as an overhead base.

Estimated direct labor hours	360,000 hours
Estimated manufacturing overhead costs	P90,000
Actual manufacturing overhead costs	P108,840
Applied manufacturing overheads costs	P120,000
Cost of Goods Sold	P500,000

Required -

1. What was the actual number of direct labor hours worked last year at Salamat Corporation?

2. What is the adjusted balance of the Cost of Goods Sold? (if the disposition of over/under applied overhead involves an immaterial amount).

Question 2 - Ira Co. makes motorcycles. Management wants to estimate overhead costs to plan its operations. A recent trade publication revealed that overhead costs tend to vary with machine hours. To check this, they collected the following data for the past 12 months.

Month No.	Machine Hours	Overhead Costs
1	175	P4,500
2	170	4,225
3	160	4,321
4	190	5,250
5	175	4,800
6	200	5,100
7	160	4,450
8	150	4,200
9	210	5,475
10	180	4,760
11	170	4,325
12	145	3,975

Required -

1. Using the high-low method, what is the variable cost per machine hours?

2. Using the high-low method, what is the Total Fixed Costs?

3. What is the Total Cost equation?

Reference no: EM132851112

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What is the adjusted balance of the Cost of Goods Sold

Reference no: EM132851112

Reference no: EM132851112

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